The XYZ Company is a world leader in medical device manufacturing. Aiming to continue its market position in this industry, the XYZ Company pursues a differentiation strategy. As a result, this company compensates its employees higher than competitors in order to attract and retain the best employees. What kind of pay level policy does the XYZ Company follow?

This clearly defines the relative value of each job among all jobs within a company.

If the company adopts a market lead policy, how will that company's pay range midpoint compare to the market average?

Midpoint, minimum, and maximum are values used to define which of the following?

The HR manager of a company thinks that they have too many narrow pay grades within the organization. By getting the support from upper management, the manager decided to consolidate existing pay grades and ranges into fewer pay grades and broader pay ranges in order to create a flatter organization in terms of compensation. This is an example of which pay structure variation?

. Jason works at a call center for an insurance company, and he has been answering calls regarding auto insurance. Recently, he started to attend a training program about home insurance. Upon successful completion of this training program, Jason will be able to handle home insurance questions and queries as well. If this insurance company has a compensation policy that rewards Jason's completion of this training, then what type of pay system does it employ?

These compensation systems go a long way in attracting and retaining the most qualified employees and are based upon market and compensation surveys.

Which of the following are the two main reasons given for adopting person-focused programs?